Birmingham

Birmingham Strong Small Business Loan Fund

The #BHAMSTRONG Small Business Loan Fund is LIVE: What is the purpose of the loan? To immediately support small businesses affected by COVID-19 who are awaiting state or federal relief funding or a more stable business environment. Approved loans must be used to support one or more of these efforts:  Limit reductions in payroll or…
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What You Need to Know About IRS Scam Calls

This summer has seen an uptick in IRS scam calls, and an evolution of strategies from the scammers themselves. We have received many calls and e-mails attempting to verify whether or not a call is legitimate, and most have unfortunately been fraudulent. On August 2nd, the IRS released a bulletin in which Commissioner John Koskinen…
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Use Tax Compliance for Business Owners

Business owners pay many different kinds of taxes every year. Of those taxes, sales tax is probably the easiest to understand. If a business owner buys $100 in dental supplies and the tax rate is 10%, then the business owner pays an extra $10 to cover the tax. The vendor collects and pays the sales…
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Itemized Deductions from A to Z, Part 12: Job Expenses and Miscellaneous Deductions

This is part twelve in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. We’re almost done with our series on itemized deductions. The final sections we’ll cover…
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Itemized Deductions from A to Z, Part 11: Some Rules Regarding Casualty and Theft Losses

This is part eleven  in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Thankfully, we don’t see a lot of casualty and theft losses. For a casualty…
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Itemized Deductions from A to Z, Part 9: Motorized Donations

This is part nine in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Donating a car, boat or airplane can be complicated, depending upon the value and…
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Itemized Deductions from A to Z, Part 8: More on Charitable Giving – Noncash Gifts

This is part eight in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Noncash gifts are a mixed bag and have a lot of special circumstances. Let’s…
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Itemized Deductions from A to Z, Part 4: Deducting Mortgage Interest

This is part four in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Mortgage interest for up to two residences is deductible on Federal Schedule A. If…
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Itemized Deductions from A to Z, Part 1: The Basics

For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website.   All qualifying taxpayers are allowed a standard deduction regardless of actual deductions. For those under 65 years of age, the basic standard deduction for 2014 is $12,400 if married and filing jointly…
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